Some small businesses in New Jersey which have been adversely impacted by the coronavirus pandemic could also be eligible for grants of up to $10,000 to assist cowl lease prices.
A brand new lease aid program will distribute roughly $6 million to small businesses positioned in 64 municipalities which have been considerably affected by COVID-19, Gov. Phil Murphy introduced Thursday.
The eligible areas embody Atlantic City, Camden, Burlington, and Glassboro. The full listing of qualifying municipalities may be accessed right here.
The Small Business Lease – Emergency Assistance Grant Program might be operated by the New Jersey Redevelopment Authority. Its funding stems from the federal CARES Act.
The program is geared towards businesses with not more than 5,000 sq. toes of the leased business house. Applicants should meet one of many three thresholds to qualify for funding:
• Tenants leasing business house in mixed-use buildings
• Tenants leasing house in business buildings
• Tenants leasing house to function a storefront enterprise
Applications for this system will open on-line on Aug. 10. Funds might be distributed on a primary-come, first-served foundation.
The program is the primary part of a broader initiative referred to as the Main Street Commercial Corridors Relief Package, Murphy mentioned.
“We are committed to helping small businesses across our state survive this unprecedented crisis,” Murphy mentioned. “A stronger and fairer New Jersey starts from the bottom up. The Small Business Lease – Emergency Assistance Grant Program will infuse much-needed funding into local economies by assisting both small businesses and the landlords that they rent from.”